Bulgaria and Turkey have been revealed as the Top 2 best value destinations for Brits looking for a holiday home in the sun.
The temptation of a £91,000 Bulgarian bolthole or a 104.000 € Turkish seaside home feels like a throwback to the heady days of the early 2000s – an era when daytime TV schedules were awash with programmes featuring far-flung holiday homes.
While most Britons buying abroad still opt for Spain or France, the research by currency card specialist FairFX delivered a top 10 of alternative destinations where the average overseas home is cheapest.
Greece rounded off the top 3 places, with an average house value of 118.000 €.
Other top 10 cheapest destinations include Hungary, Cyprus and Portugal – in these countries, average house values are £205,499, £214,027 and £217,915 respectively.
The research went on to highlight that the cost of a property is only one factor buyers need to consider when looking overseas, with political, economic and cultural situations also important.
Ian Strafford-Taylor, chief executive of FairFX, said: ‘Our research allows potential second home buyers to weigh up which country is the best value – looking at the average cost of a property (houses and apartments), as well as the essential elements you need once you are there’. He added, that ‘to get the best value, it is important to take all living costs into account as well as how much a property will cost initially – it’s also vital that you research the region you are buying in’.
One of the most important considerations when choosing an overseas home was not included in the report – that is, the cost and ease of getting to the destination. This plays a major part in how often the owner will use the property – it is also vital to the property’s rental potential as well as it’s attraction to future potential buyers.
Given the current weakness of the Turkish Lira, this report will also be of interest to potential buyers other than Brits, particularly in those countrieswhere the Euro and Dollar are king!!!
For our Top 10 reasons to buy property in Alanya, the ‘Pearl of the Turkish Riviera’, please see here: http://elitegroup.com.tr/en/story/our-top-10-reasons-buy-property-alanya.html